Posted Nov 4, 2022, 1:35 AM UTC
If you could elaborate a bit on that "... register the purchase." part.
Previously, I have been able to purchase with cash, no name and no address. That is no longer an option, I need to register as a purchaser with the local and also have the purchase recorded and reported to the revenue service.
I was wanting to purchase 10 x 1kg bars.
I think that amount is over the legal reporting limit, maybe you made smaller purchases in the past... buy one a day. :-)
Sad 😔
Register the purchase? What the fuck for? You dropping a big bill?
That was my question too. What a load of crap.
Previously, I have been able to purchase with cash, no name and no address. That is no longer an option, I need to register as a purchaser with the local and also have the purchase recorded and reported to the revenue service.
I was wanting to purchase 10 x 1kg bars.
Ah over threshold or needs to be registered to avoid "structuring" (i.e. trying to make a larger purchase by splitting it up into smaller purchases within some short amount of time, although there is no definition of short so can basically mean any time ever).
That likely wouldn't be $10,000 or more, so it must be a different country.
Maybe the FED got 'em spooked by a recent visit?
Where’s this at
What country is this in???
Yeah one of my LCS stores had 3 random generic 10 oz bars, no generic bullion, and just a handful of collector silver coins left today. One happened to be a Zombucks round to add to my growing Zombucks collection
It really depends on the lcs.. some follow the law more than others. The USA PATRIOT ACT made changes that require lcs to track sales to who, in the name of money laundering.
I have 8-9 LCS withing 40 minutes of my home.. some require a full name and phone number (even if I am buying only an ounce of silver) and others don't care about collecting info.
Personally, I think it depends on the source of the lcs merchandise. If most of the inventory comes in off the street, they're less concerned about collecting your info but for the ones that source their bullion direct from distributors (paper trail) they have to cover their ass and take your info.
YMMV..
EDIT: This week: Inventory in my area is still available, however I do get the impression that it's running thin. One LCS said they are having trouble getting new inventory in a timely manner while another isn't experiencing any delays at all..
gif
[deleted]